Bitcoin Halving and Other Key Developments in Web3 and Blockchain: A Weekly Roundup in Crypto
This analysis report provides an in-depth overview of the major developments in the Web3, Blockchain, and Crypto sector for this week. It is supported by high-quality data and offers valuable insights into the industry.
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1. Exciting News This Week
Shibarium Enhances User Interface and Wallet Compatibility
The team at Shibarium has unveiled a faster and more user-friendly interface, as well as expanded compatibility with wallets like MetaMask and Trust Wallets. These improvements make it easier for users of Shiba Inu’s layer-2 scaling network to access and utilize the platform.
Crypto Trader Found Guilty of Solana DeFi Manipulation
Avraham Eisenberg has been convicted of fraud and market manipulation on Solana’s Mangi Markets in 2022. His actions resulted in significant losses for investors before he absconded with the funds.
Tether Introduces USDT and XAUT on TON Blockchain
Tether, a leading stablecoin provider, has expanded its offerings by introducing USDT and XAUT on The Open Network (TON). This move increases accessibility to these stablecoins across more than a dozen blockchain networks.
Binance Set to Return to Indian Market After Settlement
Binance, one of the largest cryptocurrency exchanges, is preparing to re-enter the Indian market after reaching a settlement that includes a $2 million penalty. The exchange will be subject to oversight by the Financial Intelligence Unit (FIU) under the finance ministry, following its previous ban.
Heightened Interest in Bitcoin Halving Reaches Historic High
Public interest in the Bitcoin halving event has reached an all-time high, as indicated by a surge in Google searches for “Bitcoin Halving”. This increased curiosity and awareness surrounding the event have been steadily rising since the beginning of 2024.
WorldCoin Plans Ethereum Layer-2 Blockchain for Verified Users
WorldCoin, co-founded by Sam Altman, has announced the development of an Ethereum layer-2 blockchain that prioritizes verified human identities over bots. The goal is to expand the user base and enhance security with the use of iris-scanning technology.
Senators Propose Stablecoin Regulatory Framework Amid Differing Views
Senators Gillibrand and Lummis have introduced the Lummis-Gillibrand Payment Stablecoin Act, which aims to regulate stablecoins with a focus on innovation and consumer protection. There are differing views on the matter, including from Senator Elizabeth Warren.
Tether Expands Beyond Stablecoins, Introduces New Business Divisions
Tether is shifting its focus towards broader blockchain solutions with the launch of four new divisions: data, finance, power, and education. This strategic expansion indicates a move beyond its traditional offering of stablecoins.
1.1. Bitcoin Halving: An Overview
The recent Bitcoin halving event has had a significant impact on the blockchain industry. This event is not only influencing the price of Bitcoin but is expected to have a positive effect on other major cryptocurrencies as well. Historical data suggests that the entire crypto sector will experience the impact of this event in the near future. Bitcoin has already demonstrated its bullish sentiment, with its price rising from around $40,077 in late January to $63,953 currently.
2. Blockchain Performance
In this section, we will analyze the top-performing blockchains based on their 7-day change and the top performers among the top five blockchains with the highest Total Value Locked (TVL).
2.1. Top Blockchain Performers by 7-Day Change
The top blockchain performers this week, based on their 7-day change, are ZetaChain, Chiliz, Degen, Filecoin, and Core. ZetaChain leads the pack with a 7-day change of +105.9%, followed by Chiliz with +75.8%. Degen, Filecoin, and Core show changes of +32.5%, +22.8%, and +22.3% respectively.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains based on TVL and market dominance. Among these, BNB Smart Chain shows the highest positive 7-day change of +3.2%. The other four blockchains demonstrate negative growth rates, with Arbitrum One recording the most significant decline of -14.5%.
3. Crypto Market Analysis
The crypto market analysis focuses on the 7-day price change and dominance of the top cryptocurrencies, as well as the top gainers and losers of the week.
3.1. Crypto 7-Day Price Change and Dominance Analysis
Among the top five cryptocurrencies, only Tether shows a positive 7-day price change of +0.0%. Solana exhibits the largest negative change of -6.1%, followed by Ethereum with -5.9% and Bitcoin with -5.1%.
3.2. Top Gainers & Losers of the Week in Crypto Market
The top gainers of the week in the cryptocurrency market are Core, Celestia, Arweave, Sui, and Axelar. Core leads with a gain of +28.66%, followed by Celestia and Arweave with +23.44% and +11.36% respectively. The top losers of the week are Nervos Network, ORDI, Ethena, eCash, and Bittensor, with Nervos Network experiencing the largest loss of -26.45%.
3.3. Stablecoin Weekly Analysis
Tether dominates the stablecoin market with a 7-day market dominance of 70.27%. USDC follows with 21.74%. Among the top stablecoins, Dai shows the highest positive 7-day price change of +0.2%, while Ethena USDe exhibits the largest negative change of -0.2%.
4. Bitcoin ETF Weekly Analysis
The Bitcoin ETF market is analyzed separately for Bitcoin Futures ETFs and Bitcoin Spot ETFs.
4.1. Bitcoin Futures ETF Weekly Analysis
Among the top five Bitcoin Futures ETFs, Global X (BITS) shows the highest positive change of +2.33%, followed by Valkyrie (BTF) with +1.41%. VanEck (XBTF) has the smallest gain of +0.33%.
4.2. Bitcoin Spot ETF Weekly Analysis
Among the top five Bitcoin Spot ETFs, Ark/21 Shares (ARKB) demonstrates the highest positive change of +1.35%, followed by Fidelity (FBTC) with +1.31%. Grayscale (GBTC) and BlackRock (IBIT) both record gains of +1.29% and +1.27% respectively.
5. DeFi Market Weekly Status Analysis
Among the top five DeFi protocols, EigenLayer shows a positive change of +2.53%, while JustLend exhibits the most significant negative change of -11.09%. Lido, AAVE, and Maker demonstrate mild negative changes.
6. NFT Marketplace: A Basic Weekly Analysis
Gem is the only top NFT marketplace that shows a positive change of +25.44%. Opensea experiences the largest negative change of -51.86%, followed by Cryptopunks with -26.20%. Blur Aggregator and Blur record modest changes.
6.1. Top NFT Collectible Sales this Week
The top NFT collectible sold this week is $PUPS BRC-20 NFTs #e7b8, which fetched a substantial sum of $317,718.32. Other collectibles include $PUPS BRC-20 NFTs #983b, $PUPS BRC-20 NFTs #5d63, $CATS BRC-20 NFTs #456f, and $CATS BRC-20 NFTs #2707.
7. Web3 Weekly Funding Analysis
The DeFi segment raised the most significant amount of funds this week, totaling $64.30 million. The Blockchain Services sector follows with $35.28 million, while GameFi raised over $10.00 million. Blockchain Infrastructure and Chain raised $6.80 million and $5.40 million respectively.
7.1. Top Crypto Investment Locations This Week
The top crypto investment locations this week, apart from undisclosed, are the United States, Germany, and Singapore. Undisclosed accounts for the majority of funds raised, followed by the United States with $35.10 million, Germany with $15.00 million, and Singapore with $2.40 million.
7.2. ICO Landscape: A Weekly Overview
Among the major ICOs that ended this week, Omni Network raised the highest amount, approximately $18,140,000. Sharpe AI and Snapmuse.io raised $1,800,000 and $1,550,000 respectively.
8. Weekly Blockchain Hack Analysis
As of April 20, 2024, hackers have stolen a significant amount totaling $7.77 billion. The majority of these funds, around $5.85 billion, were taken from decentralized finance platforms. Another portion, approximately $2.83 billion, was stolen from bridges connecting different blockchain networks. Grand Base experienced a significant hack this week, resulting in the loss of approximately $1.7 million due to private key compromise.
Endnote
This week’s comprehensive analysis of the Web3, Blockchain, and Crypto sector provides valuable insights into the market developments. As the industry continues to evolve, it becomes increasingly important for stakeholders to integrate technology and data-driven decision-making to navigate the dynamic landscape of decentralized technologies.